May 27, 2008
VoD operator Akimbo shuts down
(PaidContent.org) This story was written by
Rafat Ali.
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Akimbo, the doomed-from-the-start online-to-TV video service, has finally shut
down for good, and looking for a buyer for its assets. It has laid off most of
its staff, and is maintaining a skeleton crew to keep the services up and
running as it looks to find a buyer, reports NTV. The company retooled its
business model just a few months ago, and raised $4 million from old and new
investors, including AT&T (NYSE: T), Blueprint Ventures, Draper Fisher Jurvetson,
Kleiner Perkins Caufield & Byers, Sprout Group and Zone Ventures. Total funding
for the company since its formation in 2004 has been $47 million.
Maybe Blockbuster (NYSE: BBI) picks up the skeletons, much like it did on the
cheap with Movielink last year. We reported on a possible BB-Movielink-Akimbo
triumvirate early last year, when BB was considering it seriously then.
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